Your Working Years

As a business owner, you will go through many phases in your working years.

You will have periods of time when your focus is paying down debt, planning for upcoming expenses, and growing your business. You will also have periods of time when your business is prosperous, your income is higher, and your focus is on saving for recreation and retirement.

At KWB we understand that during your working years, balance and planning are the keys to prosperity. We know that it can be difficult to know how much to spend and how much to save, and that planning for income and expenses even a few years into the future can sometimes be challenging. We also understand that you have spent years investing in and growing your business. You may feel unsure about what to do now that you have to decide how to invest and protect your wealth.

We greatly appreciate KWB’s experience and advice regarding managing a business, and their knowledge of complex tax laws. Patricia Campbell, Louis Bugeaud

We specialize in helping the owners of small to medium sized businesses maximize their financial success through tax minimization, business structuring, and planning. We help you identify areas where money can be saved, and can help you to plan for expenses in the future. If you have an existing wealth management advisor, we are happy to work directly with them. However, if you don’t, we like to partner with the Angus Watt Advisory Group to bring you wealth management services to help you plan and save during your working years.

We know that your working years are the most challenging, but also the most rewarding. By allowing us to guide you, you will achieve greater financial clarity and peace of mind, allowing you to get the most enjoyment out of your working years.

For more information on how we can guide you through your working years, please contact us.

Blog posts about Your Working Years

Sep 17 2020
Save Money with a Health Services Plan

Save Money with a Health Plan How can you save $100’s and maybe $1,000’s in taxes in one simple step? Are you an employee of your own company and do you have significant medical expenses each year of $2,000 or more not covered by a health plan? Then creating a “Private Health Services Plan” (PHSP) as soon as possible could save you big dollars.

Aug 21 2020
Your “Unexpected Death” Checklist

Death, specifically your own death, is a subject that is tough to talk about, however having the conversation today will save a lot of stress tomorrow should the unexpected happen. Here are 7 items for your “Unexpected Death” Checklist: Ensure that your spouse/executor are aware of any pre-paid funeral (or specific) arrangements you have

Apr 23 2020
KWB's Wage Subsidy Assessment and Application

A rapid response plan for your business Applications for CEWS (Canada Emergency Wage Subsidy) will start being received by the government as of Monday, 27 April 2020. While businesses may qualify for benefits under CEWS, understanding the program, determining eligibility, and submitting the proper application can create a high level of stress and uncertainty

Apr 3 2020
KWB Summary of Relief Programs - Federal and Provincial - 3 April 2020

To our friends, clients, and business partners, We hope this newsletter finds you well and healthy. The volume of information we’ve received from provincial and federal governments over the last few weeks has been significant and a bit of a moving target, so we’ve put together a summary of all the relief programs that

Apr 1 2020
Update - The Canada 75 % Wage Subsidy

Finance Minister, Bill Morneau, announced today (April 1st, 2020) that the 75 % wage subsidy would be available within 3-6 weeks time.  What we know so far: The subsidy is available to all businesses, charities and non-profit organizations as long as they can prove that they have lost 30 % of their revenue

Mar 31 2020
What is the Canada Emergency Business Account?

The new Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced. To qualify, these organizations will need to demonstrate they paid between $50,000 to $1 million in total

Mar 30 2020
New Information on Wage Subsidy Program - 30 March 2020

Prime Minister Justin Trudeau announced today businesses and non-profit organizations seeing a drop of at least 30 per cent in revenue due to COVID-19 will qualify for the government's 75 per cent wage subsidy program. The number of people a business employs will not determine its eligibility. Charities and companies big and small will

Mar 27 2020
Breaking News for Small - Medium Size Businesses - 27 March 2020

Ottawa hikes wage subsidy to 75% for small and medium-sized businesses The federal government is hiking its wage subsidy for small and medium-sized businesses from 10 per cent to 75 per cent, a move that business leaders have called for amid the coronavirus outbreak. Prime Minister Justin Trudeau announced the payroll subsidy, as well

Mar 26 2020
New Information from the Alberta Government – 25 March 2020

In addition, it is now mandatory for travellers returning from outside of Canada to self-isolate. This legal requirement also applies to close contacts of confirmed COVID-19 cases, as well as to any individual with symptoms, such as a fever, cough, sore throat or runny nose. “We must do everything we can to protect Albertans

Mar 25 2020
Government introduces Canada Emergency Response Benefit to help workers and businesses

March 25, 2020 - Ottawa, Ontario - Department of Finance Canada The Government of Canada is taking strong, immediate and effective action to protect Canadians and the economy from the impacts of the global COVID-19 pandemic. No Canadian should have to choose between protecting their health, putting food on the table, paying for their

Mar 25 2020
Support for entrepreneurs impacted by the coronavirus COVID-19

As announced by the Minister of Finance, BDC puts in place additional measures to provide relief for Canadian entrepreneurs. Effective March 18, 2020, new relief measures for qualified businesses include: Working capital loans of up to $2 million with flexible repayment terms such as principal postponements for qualifying businesses;Flexible repayment terms, such

Mar 24 2020
Support for Employers – New Supports Announced 23/03/2020

Corporate income tax changes Corporate income tax balances and instalment payments will be deferred from March 19 until August 31, 2020 to increase employers’ access to cash so they can pay employees, address debts and continue operations. Education property tax deferral Education property tax rates will be frozen at last year’s level – reversing

Mar 24 2020
Best Practices for Submitting Documents Electronically

We are encouraging you to send us your personal tax information or corporate records electronically.   This guide will assist you through the process while ensuring your data is secure and well managed.  File Types:  We can accept pretty much any file types (PDF, jpeg, bmp, tiff, png, etc.) Image Quality: 

Mar 23 2020
Frequently Asked Questions – Temporary Wage Subsidy for Employers

1. What is the Temporary Wage Subsidy for Employers? The Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA). 2. Which employers are eligible? You are an eligible employer if you: are

Mar 23 2020
Relief for the Energy Sector

Immediate action will protect jobs and provide economic relief to the oil and gas industry Overview The Government is providing economic relief to Alberta’s energy industry to address challenges resulting from the COVID-19 pandemic and declining oil prices due to an international price war. The energy sector supports more than 500,000 jobs across

Mar 23 2020
Who qualifies for EI?

Whether you qualify for EI will still depend on your specific situation, such as regional rate of employment, and the number of hours worked in the last 52 weeks. The government recommends people apply as soon as possible to find out if they qualify; waiting more than four weeks after your last day

Mar 20 2020
Support for Albertans – COVID-19

The Alberta government will provide immediate financial relief to Alberta’s families and vulnerable populations. Albertans should be focused on their health and not worry about whether they can pay their bills so we have put a number of options in place for those struggling financially. Emergency isolation support This will be a temporary program

Mar 20 2020
Support for Employers - Alberta - COVID-19

The Alberta government will provide immediate funding and supportive measures to support local businesses, employers and employees. Support for employers Corporate income tax changes Corporate income tax balances and instalment payments will be deferred from March 19 until August 31, 2020 to increase employers’ access to cash so they can pay employees, address debts

Mar 20 2020
Tax News and Changes – COVID-19

The Prime Minister and the Minister of Finance announced on March 18th an economic relief package to begin addressing the economic impacts of the COVID-19 pandemic. Part of the economic relief package includes tax relief for individuals and businesses. Filing Deadline Extensions The deadline for filing personal income tax returns will be extended to

Mar 20 2020
Resources for Canadian Businesses – COVID-19

Small and medium-sized businesses are the backbone of the Canadian economy. During this extraordinary time, the Government of Canada is taking strong action to help Canadian businesses as COVID-19 is affecting them, their employees and their families. The Government and public health officials are urging all Canadians to: stay home unless it is absolutely

Mar 19 2020
To our valued clients and business partners – a KWB announcement

KWB Chartered Professional Accountants has a proactive plan for continued operation in this new environment.  You and our team are our first priority.  We want to inform you of what changes we have made, so we can continue to complete the work you need us to do, while protecting both you and

Feb 10 2020
Tax Changes for 2020

The Canadian Revenue Agency recently made some tax changes that may affect you and your business in 2020. ANNUAL INFLATION ADJUSTMENT Each year, most (but not all) income tax and benefit amounts are indexed to inflation. In early December, the Canada Revenue Agency announced that the inflation rate that will be used to index

Dec 3 2019
Year End Tax Tips

Review our year end tax tips to discover a number of perfectly valid actions you may still be able to take before the end of the year to cut your taxes and to optimize your wealth management planning. As tax planning specialists, we can help you decide exactly what to do, when to do it

Nov 12 2019
Travel Expenses

Travel expenses include food, beverage, lodging and transportation (such as airplane, train, bus, etc.) expenses but not motor vehicle expenses. You can deduct travelling expenses on your personal tax return as long as you meet all of the following conditions: You were normally required to work away from your employer's place of

May 14 2019
Registered Education Savings Plan (RESP)

An RESP is an education savings account that is registered with the Government of Canada that helps you save for a child’s or grandchild's post-secondary education. With an RESP, you may be able to receive other saving incentives, such as the: Canada Learning Bond Basic and Additional Canada Education Savings Grant There are two different

Jan 22 2019
The Enlightened Investor - Fees & Expenses

Fees and expenses are the single biggest reason professional money managers fail to outperform the market return. Learn a little more about what are reasonable fees and what makes up most investment fees.

Dec 4 2018
Outstanding Shareholder Loan

It is very common for owner-managers to draw funds from their company during the year and find themselves with an outstanding shareholder loan at year end. These balances are often cleared up by recording dividends or bonuses to the shareholders and the problem is solved.  If the loan is not repaid during the fiscal

Oct 23 2018
The Secret to Fitting a Healthy Lifestyle into your Busy World-Part 2

Part 2 of an article on Healthy Lifestyles. See Part 1 posted on October 16th. Strategic Step #2: Automate & Re-Engineer Your Environment We are creatures of habit. Did you know that on a typical day you make about 300 decisions about nutrition? Most of them are done unconsciously and can often lead to poor

Oct 16 2018
The Secret to Fitting a Healthy Lifestyle into your Busy World-Part 1

Entrepreneurs, business owners, and professionals often lead very busy lives. Being one myself I can relate to wearing many different hats, starting early, ending late, and seeing the impact on my healthy lifestyle. So many of us get into an unconscious pattern that just becomes our normal way of being. Unfortunately, over time, our health

Sep 25 2018
Are RRSP’s the right investment choice?

RRSPs are one of the few last minute and flexible deductions available to people with employment income from a T4. However, if you are an owner of the business and have some control over your salary, you should consider some of the other alternatives first. Even if you can’t control your own salary you should

Jun 26 2018
TFSA

If one of your New Year’s resolutions was to save more money, then the Tax-Free Savings Account (TFSA) may be a good option for you to use. Learn more about the TFSA rules and limits.

May 2 2017
Registered Education Savings Plan (RESP)

With summer over and the kids back at school, many are looking at accessing their RESPs to cover the costs of post-secondary education. Here are some things to consider.

Nov 15 2016
Top 4 Financial Tips for the New Parent

Here are our top 4 financial tips for the new parent: Apply for a Social Insurance Number (SIN) for your child: It’s a good idea for you to apply for a Social Insurance Number for your child as soon as they are born. This way, you will not be left scrambling to obtain one when your

Oct 18 2016
Canada Child Benefit

Beginning July 2016, the Liberal government combined the Canada Child Tax Benefit, National Child Benefit Supplement and the Universal Child Care Benefit into the Canada Child Benefit. Under the new Canada Child Benefit, families with children under the age of 18 will be eligible for a maximum annual benefit of $6,400 ($533 per month) per

Sep 20 2016
New Home Rebate

Buying or building a new home? Did you know that if you purchase a new home or have substantially renovated your own, you can claim a rebate on the GST or HST you paid through CRA’s new home rebate. What qualifies? Your home must meet the following conditions: Must be you or your relation’s primary

Sep 6 2016
Home Buyers Plan

The Home Buyers Plan (HBP) is a program that allows you to withdraw up to $25,000, per person from each of your RRSP accounts in a calendar year to buy, or build, a qualifying home. To be eligible for the Home Buyers Plan, the following must be met: You must be considered a first-time

Jul 23 2015
Change in use of property from capital to inventory or vice versa.

There are no immediate repercussions for the change in business use of property from capital to inventory. The differences arise upon sale of the real estate. There is no provision in the Income Tax Act which describes the circumstances in which gains from the sale of real estate are to be determined as being either

Feb 3 2015
Child Related Benefits, Expenses and Deductions

There’s great news for 2015 for Canadians with children. Stephen Harper has announced a “child care benefit boost” – which includes an increase to, or return of, the monthly Universal Child Care Benefit cheques and an increase to the amount taxpayers can deduct for child care expenses and the child fitness credit.   Changes to

Nov 12 2014
The "Family Tax Cut" credit

Prime Minister Stephen Harper and Finance Minister Joe Oliver recently announced a “Family Tax Cut” credit which allows certain Canadian families to reduce their overall federal income tax. This relief will be available starting in 2014. The new measure would allow a higher income spouse to shift a portion of their income to a lower

Jul 29 2014
Is your life insurance costing too much?

For many Canadians, the thought of discussing their life insurance protection AFTER the purchase of a policy is unimaginable. It is difficult enough talking about death the first time, why would we want to discuss it again? Life Insurance is about the living…not the dead There are several reasons you might want to consider discussing

Jul 19 2013
Once in a Blue Moon

I recently read an excellent article about a rare economic occurrence that was happening this past June. To help you find out more about this rare economic occurrence, here is the full article prepared by Wealth Stewards Portfolio Management Inc. (WSPM)

Jun 9 2013
The Enlightened Investor-Understanding Returns

One thing frustrated investors often lament are their returns. So here's a question. Do you know what your returns really are? Find out more about how to measure your returns including some great but simple investment benchmarks over the last 5 years.

Oct 8 2012
Converting Your Business into Cash with Life Insurance

In the second part of our life insurance series you will find out how to help your estate access the wealth represented by your shares in your business and your shareholder loan through the proper use of insurance.

Jul 27 2012
The Value of Advice

What is the value of advice? When it comes to portfolio management, the overall value of the advice can be measured by comparing the performance of one portfolio over another in a specific amount of time. However, when it comes to wealth management, the overall value of the advice discussed regularly with clients is much more difficult to measure. Read on to see some real life examples of the value of the advice given.

Jul 16 2012
Life Insurance Creates an Estate Value

Life insurance has many applications and in this first of a 3 part series you will see how it creates an estate value when little to no value previously existed. To learn more, read on.

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I find KWB to be easy and constructive to work with. Working with them has resulted in a big improvement to our bottom line.

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